Selling parents's house in Europe and bringing money to Canada

[HighFive]

Experts, my friend is in situation where both his parents passed away last year within 5 months time interval..... RIP to them both.
They had a big house in Europe and now his brothers and sisters are thinking of selling it and divide money in between them....

His portion his is supposed to transfer to Canada, more specifically to Ottawa where his lives.

The question is how much tax he has to pay for bringing this money from Europe to Canada officially and if there is any tax must be paid at all....?

Thanks for your all your advises in advance.

 

[HighFive]

Any expert on this forum can advise on this interesting subject with 124 views already....?

 

[HighFive]

No one can shade some light on this topic..........? :

 

[canuck_in_uk]

Contact a tax expert instead of inquiring on an immigration forum.

 

[HighFive]

Contact a tax expert instead of inquiring on an immigration forum.

Thank you for your suggestion, canuck_in_uk. If friend of mine would have a money to go to tax expert he would probably do so.......
that is why I asked this question here on a forum, that is why this forum does exist, I reckon.

If one of our forum's experts can't reply here for everyone's view , he/she should send a personal message.

 

[canuck_in_uk]

Thank you for your suggestion, canuck_in_uk. If friend of mine would have a money to go to tax expert he would probably do so.......
that is why I asked this question here on a forum, that is why this forum does exist, I reckon.

If one of our forum's experts can't reply here for everyone's view , he/she should send a personal message.

This particular forum exists for immigration purposes. Try posting on a tax forum.

A consult with a tax expert really wouldn't cost that much...

 

[HighFive]

Can you pls suggest on a tax forum. Thanks.

 

[canuck_in_uk]

http://canadianmoneyforum.com/forumdisplay.php/6-Taxation

 

[HighFive]

thanks!!

 

[chimney007]

My understanding is the following:

1. There is no tax on the inward remittance of any money.
2. The cost of your share of your parents property is the market value of your share of the house on the date of the last deceased parent.
3. Capital gains on which you have to pay Canadian tax:

(a)Your share of proceeds on sale of the property in home currency XXXX
(b) less costs of disposition XXXX
(c) Net sale value realized XXXX
(d) multiplied by rate of exchange XXXX
(On date of sale or average rate published on Bank of Canada Website) XXXX
(f) Value in CAD of disposition of property

LESS
(e) Market value on date of death of last deceased in home currency XXXX
(f) Add cost of transfer XXXX
(g) multiplied by rate of exchange on date of last d XXXX
(On date of sale or average rate published on Bank of Canada Website) XXXX
(h) Cost of property in CAD XXXX

CAPITAL GAIN (f) - (h)

 

[chimney007]

HighFive

Did you understand my reply. Otherwise we need to talk so that I can clarify. Eamil me with your contact details.

Vinai